Smart Display Market

Smart Display Market Size:

The global smart display market size reached US$ 7.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2032, exhibiting a growth rate (CAGR) of 17.5% during 2024-2032. The growing utilization of interactive displays in the retail, healthcare, and transportation sectors, increasing adoption of work-from-home (WFH) models to maintain work-life balance, and rising purchase of smart televisions (TVs) are some of the factors propelling the smart display market growth rate.

Smart Display Market Analysis:

• Major Market Drivers: The global smart display market is experiencing robust growth owing to the increasing adoption of smart devices for content consumption.
• Key Market Trends: Some of the major trends include the rising utilization of interactive signage in the retail sector and increasing purchase of smart televisions (TVs).
• Geographical Trends: North America is emerging as the largest region owing to the increasing utilization of smart displays in retail, transportation and healthcare sectors.
• Competitive Landscape: Some of the major market players in the smart display industry include BOE Technology Group Co. Ltd., Google LLC (Alphabet Inc.), Hitachi Ltd., Intel Corporation, Lenovo Group Limited, LG Electronics Inc., Qualcomm Incorporated, Samsung Electronics Co.Ltd., Sharp Corporation, Sony Group Corporation, ViewSonic Corporation, and Winstar Display Co. Ltd, among many others.
• Challenges and Opportunities: Challenges include increasing consumption of electricity and high maintenance of the displays. However, opportunities like emergence of light emitting diode (LED) displays are projected to overcome these challenges.
   

Smart Display Market Trends:

Integration of AI and Voice Assistants

The integration of artificial intelligence (AI) with voice-activated assistants is positively influencing the smart display market. Through simple voice commands, these technologies improve user interaction by letting users perform things like scheduling, playing music, and operating smart home gadgets without having to touch them. Voice-first interactions are quite convenient and create a more user-friendly environment in both residential and commercial settings. Furthermore, as AI algorithms continue to advance, smart displays' functionality and responsiveness also improve, drawing in more customers looking for streamlined and effective technological solutions. The use of Internet of Things (IoT) devices, which need centralized control points like smart displays for maximum performance, is supporting this trend. As per the IMARC Group, the global IoT market is projected to reach US$ 3,174.2 Billion by 2032. This will further drive the smart display demand.

Rising Demand for Connected Homes

The market for smart displays is expanding due to the growing interest in connected home technologies. As the focal point of a network of interconnected devices, smart displays provide interactive and visual interfaces that make managing smart home ecosystems easier. Thermostats, entertainment systems, security systems, and lighting fixtures can also be monitored and controlled from a single platform by using smart displays. The expansion of 5G networks and the growing availability of high-speed internet both contribute to the growth of this market segment by improving device functionality and connectivity. To increase their attractiveness, manufacturers are also consistently adding features like better resolution screens and compatibility with numerous ecosystems to their product lineups. For example, Amazon recently launched Echo Hub, which is a master control hub for all the smart devices to create a comprehensive smart home.

Advancements in Display Technologies

The market for smart displays is expanding due to technological developments in interactive features and display quality. High-definition and ultra-high-definition resolutions are available on modern smart screens, guaranteeing clear, sharp images that improve user experience. Better color accuracy, brightness, and viewing angles have resulted from advancements in organic light-emitting diodes (OLEDs) and liquid crystal display (LCD) technologies, making these devices more appealing for interactive jobs and multimedia consumption. Additionally, the widespread usage of touchscreen technology is revolutionizing user interface design by fostering a more engaging and natural way for people to engage with gadgets. The demands for more technologically advanced and visually interactive home and workplace gadgets are expected to generate business opportunity in smart display market. According to the IMARC Group, the global organic LED market is projected to reach US$ 257.8 Billion by 2032.

Smart Display Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, display size, resolution, and end user.

Breakup by Type:

Signage accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes signage, mirror, and home display. According to the report, signage represented the largest segment.

Signages are crucial for displaying brand information and advertisements and are crucial for various industries like retail, hospitality, and transportation. Smart displays are often utilized for making signages to engage users more actively. This feature allows users to browse menus, take part in surveys, or access detailed information tailored to their requirements. In a retail setting, customers have the option to utilize interactive smart screens to verify product availability, compare features, or complete purchases without assistance. In museums and galleries, exhibits can provide multimedia tours and in-depth descriptions of artifacts, enhancing the visitor's experience. For example, Samsung Electronics presented its latest innovations in ISE 2024.

Breakup by Display Size:

• Below 32 Inch
• Between 32 and 52 Inch
• Above 52 Inch
   

Below 32 inch holds the largest share of the industry

A detailed breakup and analysis of the market based on the display size have also been provided in the report. This includes below 32 inch, between 32 and 52 inch, and above 52 inch. According to the report, below 32 inch accounted for the largest market share.

Smart displays under 32 inches provide a versatile and efficient option for a range of uses, from personal home use to professional business settings. They work well in places with limited space. They can be effortlessly installed on walls or positioned on desks without taking up too much space. This makes them appropriate for small retail areas, individual desk spaces in offices, classrooms, and medical facilities where information needs to be easily accessible without taking up a lot of physical space. Their small size makes it possible to incorporate cutting-edge technology in places where bigger screens cannot fit.

Breakup by Resolution:

• UHD
• FHD
• HD
   

HD represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the resolution. This includes UHD, FHD, and HD. According to the report, HD represented the largest segment.

High definition (HD) resolution offers a notable enhancement in image clarity and detail compared to standard definition (SD). This degree of transparency is especially advantageous for observing text and images with intricate details. HD resolution is crucial in industries like graphic design, video editing, and digital signage to ensure clear and precise visuals for accurate content creation and presentation. In the realm of home entertainment, it enriches the enjoyment of watching movies, TV shows, and video games by creating a more captivating and visually attractive experience. In 2024, LG launched two new MyView smart monitor models with full HD displays, which are appropriate for home offices and entertainment purposes.

Breakup by End User:

• Residential
• Retail
• Automotive
• Healthcare
• Sports and Entertainment
   

Retail exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes residential, retail, automotive, healthcare, and sports and entertainment. According to the report, retail accounted for the largest market share.

Smart displays are revolutionizing the retail industry by improving customer engagement, simplifying processes, and enhancing the general shopping experience in the retail industry. Smart displays are utilized for drawing in and involving customers with dynamic and interactive content. Retailers have the capability to display high-quality images and videos of products, promotions, and tutorials using these devices to attract shoppers' attention. Interactive functionalities enable clients to engage with the screen through actions like navigating a virtual catalog, creating personalized items, or delving into product characteristics. This level of engagement not only boosts customer interest and interaction but also offers a more immersive shopping experience than conventional static signs. According to the IMARC Group, the global retail market is expected to reach US$ 46,304.9 Billion by 2032. This will further increase the utilization of smart displays in the retail industry.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest smart display market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for smart display.

North America smart display market is driven by the increasing integration of smart displays into smart home systems. People are increasingly seeking devices that can provide central hubs for controlling smart home functionalities like lighting, security, thermostats, and entertainment systems. Moreover, the increasing utilization of smart displays for content consumption, including streaming video, playing music, and even participating in video calls, is offering a favorable smart display market outlook. This is complemented by partnerships between display manufacturers and content providers, offering tailored content that is optimized for viewing on smart displays. As per S&P Global, during the early phase of 2022, U.S. internet households own an average of 1.2 smart TVs.

Competitive Landscape:

• The smart display market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the smart display industry include BOE Technology Group Co. Ltd., Google LLC (Alphabet Inc.), Hitachi Ltd., Intel Corporation, Lenovo Group Limited, LG Electronics Inc., Qualcomm Incorporated, Samsung Electronics Co.Ltd., Sharp Corporation, Sony Group Corporation, ViewSonic Corporation, and Winstar Display Co. Ltd.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Companies are heavily investing in research and development (R&D) to innovate and improve their product offerings. This not only includes the development of new products but also enhancements to existing ones, ensuring they meet the evolving needs and preferences of consumers. Innovation extends to leveraging cutting-edge technologies like artificial intelligence (AI), machine learning (ML), and Internet of Things (IoT) to create smarter, more efficient, and more appealing products and services. Companies are expanding their product portfolio by developing innovative smart display solutions. For example, Samsung Electronics in 2024, unveiled its novel lineup of Neo QLED 8K, Neo QLED and OLED TVs, along with their advanced audio systems.

Smart Display Market News:

• April 2021: Samsung Electronics Co. Ltd., launched its new Smart Monitor with an innovative, Do-It-All screen that lets users enjoy Netflix, YouTube, Apple TV and other OTT apps, remotely connect with their office PC and also edit documents using Microsoft 365.
• January 2024: Sony Group Corporation announced the creation of an immersive spatial content creation system, which includes an XR head-mounted display equipped with high-quality 4K OLED Microdisplays^*2 and video see-through function, and a pair of controllers optimized for intuitive interaction with 3D objects and precise pointing.

Smart Display Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart display market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global smart display market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart display industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.